XRPUSDTPREP Buy (Long)-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane

Hello everyone, this is my second trading post for this week. The asset I chose this time was Ripple. Like usual my fear and greed got me a little this time. I made profits though but could have made more with some patience and fear and greed control.

Without wasting much time, let's go!

Ripple is one of the most popular blockchain projects. It was founded in 2012 by Chris Larsen and Jed McCaleb. Credit is also given to Ryan Fugger who is the creator of the XRP ledger. Ripple was created to serve as a better system for transferring funds and conducting businesses across the globe. It provides fast transactions in a matter of seconds and charges fewer fees for transactions.

The company was first named Opencoin before it was rebranded as Ripple. Ripple is known to have good support and partnerships from organizations such as Santander and Standard Chartered. It also had a partnership with the Bank of America. Its partnership with the Bank of America is currently not confined as it had some legal issues which haven't been resolved.

XRP is the native token for Ripple. It is ranked #6 in the list of cryptocurrencies on CoinMarketCap. At the time of working on this post, it had a price of $0.8437. Its market cap was $40,598,512,300 and its total supply was 99,989,656,524.

XRP recorded its all-time high of $3.84 four years ago. This is a decrease of 77.95% compared to the current price. Its lowest price recorded within a month period is $0.6271. It recorded its highest within the month's period 2 days ago which is $0.86229.

XRP is listed on almost all exchanges if not all. You can trade it with various assets like BTC, USDT, BNB, ETH etc. Binance, KuCoin, Gate.io, Huobi Global and Bybit have the highest liquidity when trading XRP with USDT.

This trade was performed yesterday. I was bullish on XRP because it had fallen in price after reaching its highest price within the month the day before. I expected the price to rise and because Bitcoin had also broken the resistance level of 42k and was in an uptrend, I expected the same from XRP.

Aside from that, I knew it was a very old project and had the interest of many. It being in the top 10 list of cryptocurrencies and the current behaviour of bitcoin made me bullish on it.

I'm positive it can reach about $1.4 to $2 with this current wave.

From my first post, I talked about how I make my analysis and the type of indicators I use. Without wasting much time, let me talk about how I analysed this token.

I drew the support and resistance levels in the 1-hour timeframe. From this timeframe, I was able to place identify an entry and exit position. Looking at the behaviour of the candlesticks, I expected the price to fall and rise again.

I switched to the 30 minutes timeframe and realized my estimations were not right and the price was going to fall slightly below. I quickly changed my entry and exit positions. I used the RSI to check the oversold condition of the asset. From the RSI, it was approaching a higher oversold region and so this confirmed my estimation.

After a couple of hours, the price hit my target and my entry order was triggered. The trade details are available in the next section.

My plan for XRPUSDTPEP was to take profits within the shortest possible time.

I bought 170 XRP at a price of 0.8160 USDT. My TP and SP were 0.8350 and 0.8002 respectively.

My entry was a very sharp one. I used the SMA from the Bollinger Band together with the 20-period EMA to confirm the direction of the trend. The EMA was above the SMA which suggested the asset was in an uptrend.

Looking at the waves formed, and the direction of the price with the waves, the trend was bearish. To minimize risk and take as much profits as I could, I raised the SL just in case a reversal occurred.

I used the Bollinger bands and the EMA to check whether there was a reversal. The SMA crossed above the EMA which signalled a downtrend. With my new SL set, the price went below and the trade was closed.

The image above shows my order and transactions history. I made a profit of 1.1730 USDT.

Ripple is one of the oldest projects out there. I'm sure many are surprised why it is not in the hundreds and thousands like its mates. Ripple is being adopted by Banks and even had a partnership with the Bank of America.

For why it is not in the hundreds and thousands, I can't tell. It being in the top 10 also tells that it is a good investment. I recommend others to hold some XRP tokens because its rise is highly possible and could be above my expectations. Be sure to set targets before you buy or sell and also make analyses to prevent you from wasting your funds.

The manipulations got me in this trade. The price hit my TP after going below my new SL. All the same, I was content. I gained more experience which is the most important aspect and I made profits and not losses which was good.